LuLu Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. Sept.3 Purchased 200 backpacks at $80 each from Makka Company, terms 2/10, n/45 Sept.6 Received credit of $500 for the return of 10 backpacks purchased on Sept. 3 that were defective. Sept.9 Sold 25 backpacks for $300 each to Ghazala Books, terms 1/10, n/30. Sept.13 full. Paid Makka Company in Sept.19 Received payments from Ghazala Books Instructions Journalize the September transactions for LuLu Supply Company

LuLu Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. Sept.3 Purchased 200 backpacks at $80 each from Makka Company, terms 2/10, n/45 Sept.6 Received credit of $500 for the return of 10 backpacks purchased on Sept. 3 that were defective. Sept.9 Sold 25 backpacks for $300 each to Ghazala Books, terms 1/10, n/30. Sept.13 full. Paid Makka Company in Sept.19 Received payments from Ghazala Books Instructions Journalize the September transactions for LuLu Supply Company

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 3PB

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Wiset Company completes these transactions during April of the current year (the terms of all Its credit sales are 2/10, n/30). Apr. 2 Purchased $14, 200 of nerchandise on credit from Noth Company, terms 2/10, n/68. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,200 (cost is $3,700). 3 (b) Purchased $1,410 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $915. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $10,000 (cost is $7,2e8). Returned $70 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that anount. Purchased $10,510 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $13,600 (cost is $7,1e8). Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $284. 4 5 6 11 12 13 (a) Received payment from Page Alistair for the…
Nkome Traders, owner T Nkome, is a registered VAT vendor. The VAT rate applicable is 15%. Transactions: 20.3 February 3 Received and invoice (re-numbered to 20.3/105) from Bapela Wholesalers for merchandise purchased on credit for R18 975. 5 Some of the items to the value of R1 265 on invoice number 20.3/105 was not received. Issued a debit note for the amount. Bapela Wholesalers granted the claim and issued a credit note for the amount claimed. 10 Bought stationery, R1 035, from Big Stationers and received their invoice. 12 Received an invoice from Electronics Traders for the purchase of a new printer for R3 680. 17 Bought merchandise to the value of R21 965 from Bangani Wholesalers and received their invoice. Complete the given Purchases journal and Purchases returns journal for February 20.3.
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Ali Co. purchased $2,600 of merchandise from Murad Co. on April 10 with terms 2/10, n/30. On April 27, it retumed S300 worth of merchandise. On May 6, it paid the full amount due to Murad Co. The journal entry to record the payment on May 6 is Debit Accounts Payable S2,300; credit Cash $2,300 A O Debit Accounts Payable $2,600; credit Cash $2,600 .B O Debit Merchandise Inventory $2.300; credit Cash S2,300 .C O Debit Accounts Payable $2,300; credit Merchandise Inventory $46; credit Cash $2,254.D O
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